Withdrawal Questions

You can make a withdrawal from your IDeal account securely online or from the ReadySave 529 mobile app at any time. We offer a number of easy ways to access your savings:

• Send directly to a participating school: Get your money there fastest, in as little as 2-3 business days
• Electronic transfer to a bank account: Transfer funds directly to yourself or to your beneficiary
• Send a check: We'll mail your money to you or your beneficiary (please allow 7-10 business days for delivery of the check)

• If you have recently made a contribution in the account, the money you contributed will not be available for withdrawal for seven (7) business days. Additionally, we place a fifteen (15) calendar day hold if bank account information has been newly added or edited. Therefore, withdrawal proceeds requested during this period will be sent after the hold has expired. Please note that there will also be a hold on distribution requests for nine (9) business days when there is a change to the Account Owner's address.
• The earnings portion of a non-qualified withdrawal may be subject to federal income tax and a 10% federal penalty tax as well as state and local income taxes. See the IDeal - Idaho Education Savings Program Disclosure Statement for additional information.
• Idaho Taxpayers: If you take a non-qualified withdrawal at any time, the earnings portion of the withdrawal, as well as the contribution portion that you have previously deducted on your Idaho tax return, will be subject to Idaho state taxes. The IRS and the Idaho Department of Revenue may require you to prove that your withdrawal is for Qualified Higher Education Expenses. Check with your tax advisor, or review the instructions for filing your Idaho Income tax return, for more information.
• We are required to file an IRS Form 1099-Q when a withdrawal is made from an IDeal Account. Proceeds made payable and sent to the Account Owner will be reported under the Account Owner's Social Security number. Proceeds made payable to and sent to the Beneficiary or an eligible educational institution will be reported under the Beneficiary's Social Security number.
• Payroll direct deposits do not automatically stop when all units of the IDeal Account have been withdrawn. Please contact your payroll office to discontinue the payroll direct deposit plan if you wish for the IDeal Account to remain closed.
• Once a valid withdrawal request has been made, it is irrevocable and may not be modified or canceled. Withdrawals received on any business day prior to the close of business (4 p.m. Eastern time) on the New York Stock Exchange will receive that day’s price.

Complete the process in five easy steps:

1. Log in to your account
2. Select a beneficiary's account
3. Select "Make a Distribution"
4. Enter payment amount and method
5. Submit the request